Godwin Emefiele, former Governor of the Central Bank of Nigeria (CBN), has been granted bail by the Federal Capital Territory (FCT) High Court in Maitama, Abuja.
He was granted bail of N300 million after being arraigned on a six-count charge bordering on procurement fraud of N1.2 billion.
Emefiele had pleaded not guilty and applied for bail from the custody of the Economic and Financial Crimes Commission. The court noted his application and adjourned to November 22 for ruling while ordering his remand with the Nigerian Prison Service.
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In his ruling on Wednesday, Justice Hamza Muazu stated that the charges in the case are bailable offences. He directed that Emefiele must produce two sureties who have landed property in Maitama District of the FCT, as a condition for his bail perfection.
Emefiele is expected to remain in the Kuje Correctional Centre until his bail conditions are met.
The trial will begin on November 28.